§ 10. Sir W. Smithersasked the President of the Board of Trade whether His Majesty's Government have initiated any futures dealings in cotton in other countries; and whether it is the policy of His Majesty's Government to make use of futures markets in foreign countries.
§ Mr. MarquandNo, Sir. There is no present intention of doing so.
§ Sir W. SmithersUnless the Government deal in futures in foreign markets in cotton, how can they secure the most advantageous price to the consumer in Britain and prevent a world sellers' ring being put up against them?
§ Mr. MarquandAs was explained in the Debate which took place, the Government have not found it necessary to deal in futures, but the Control have nevertheless been able to conduct their operations without loss.
§ 20. Mr. Errollasked the President of the Board of Trade when he will publish details of the Government's proposed cotton purchasing commission, with particular reference to recruitment and conditions of employment.
§ Mr. MarquandThese matters are under consideration and an announcement will be made in due course.
§ Mr. ErrollDoes the hon. Gentleman realise that, due to the uncertainty, a number of merchants are thinking of moving to Dublin and Ghent to open up markets overseas because they see no future in this country?
§ Mr. MarquandThat is another question.
§ Mr. Walter FletcherIs the Minister aware that the system adopted elsewhere —using firms as firms and not selecting individuals—could very well be used in this country, and will he give full weight 2324 to representations which, I believe are to be made to him shortly?
§ Mr. MarquandI believe the Liverpool Association is coming to see my right hon. Friend very shortly.
§ 21. Mr. Errollasked the President of the Board of Trade what redress spinners have when supplied with unsuitable cotton by the Cotton Control.
§ Mr. MarquandSpinners are not called upon by the Cotton Control to accept unusable cotton.
§ Mr. ErrollIs it not the case that spinners have to whatever is supplied and have to accept it with all faults?
§ Mr. MarquandNo, Sir. Spinners are persuaded sometimes to accept—
§ Mr. ErrollIt is in the contract.
§ Mr. Marquand—cotton which has been supplied when no other suitable cotton is available, but they are not obliged to take cotton which they do not want.
§ Mr. W. FletcherDoes not the hon. Gentleman realise that this practice simply adds to the export price because the cotton concerned is a dead loss to the man who has to take it and cannot use it?
§ Mr. MarquandI cannot conceive of any circumstances under any form of machinery in which the spinners would not be supplied sometimes with cotton they regard as unsuitable.
§ Mr. W. FletcherThat is the Minister's conception.
Sir Wavell, WaketieldIs it not stipulated at the beginning of the contract that the spinner has to accept it whether he likes it or not?
§ Mr. MarquandI should require notice of that question.